Shares of Bajaj Healthcare rallied as much as 20 per cent to hit record high of Rs 863.95 on the BSE a day after it moved India Patent Office requesting to grant a compulsory license for manufacturing and supply of Covid-19 drug Baricitinib. Baricitinib is indicated for adults with moderately to severely active rheumatoid arthritis, according to Medspace.
Currently, global pharma giant, Eli Lilly and Company received emergency use authorization (EUA) from US Food and Drug Administration (FDA) for the distribution and emergency use of Baricitinib to be used in combination with remdesivir in hospitalized adult and pediatric patients aged more than two years with suspected or laboratory confirmed COVID-19 requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).
"We have moved the Indian Patent Office to grant compulsory license for manufacturing & supply of Covid Drug Baricitinib (API and formulation). Currently the drug Baricitinib is licensed to US pharma giant Eli Lilly & Company, by its originator company INCYTE, providing them the rights for marketing it across the globe," Anil Jain, Joint Managing Director, Bajaj Healthcare said in a statement.
Earlier, Bjajaj Healthcare had approached Eli Lilly and Company on two occasions to sign the voluntary license for manufacturing and supply of Covid-19 Drug Baricitinib but Eli Lilly and Company declined to sign the agreement on both occasions.
"When all the attempts to get the voluntary license from the Patentee were futile, BHL moved to Indian Patent Office, requesting to grant compulsory licence for manufacture and supply of Covid-19 Drug Baricitinib, so that it can supply the essential medicine in this pandemic situation in India," Baja Healthcare said in a press release.
Bajaj Healthcare Limited a leading manufacturer of APIs, Intermediates and Formulations established in the year 1993. It specializes in manufacturing of of Amino Acids, Intermediates, API, formulations and Nutraceuticals.
As of 11:55 am, Bajaj Healthcare shares traded 14.53 per cent higher at Rs 824.85, outperforming the Sensex which was down 0.3 per cent.